The PX-50 index dropped 2.8% - its largest fall this year - on a heavy volume exceeding USD 248m. Unipetrol led the decliners and may have been one of the factors behind the weakness after a market rumour that Unipetrol shares may be removed from the SPAD trading segment as some firms have decided to withdraw from market-making activities in the name. Unipetrol fell almost 20% on heavy volume. CEZ was under pressure from a domestic seller’s profit taking, while Erste gave up 2.3% after its earnings release yesterday. Erste results had exceeded expectations and we believe the stock will recover in the days to come. Philip Morris was well demanded from institutional accounts; we think the prospect of further rate cuts are being priced in at these levels. Komercni dropped 2.6% in sympathy with the market weakness as well as the outlook for an interest-rate cut.